XCH

Overview of XCH

XCH, or Chia Network, is a type of cryptocurrency that was issued in 2021 by Bram Cohen and Ryan Singer. It is the native token for the Chia Network. It sets itself apart from other types of cryptocurrencies by using a unique “proof of space and time” model, which is intended to make the mining process more energy efficient. XCH can be exchanged on several different platforms, including OKX, Gate.io, KuCoin, BingX, MEXC, and more. These platforms also offer wallet services where XCH can be securely stored.

Pros and Cons

Crypto Wallet

The official Chia app allows users to manage their XCH tokens with a lightweight wallet and participate in the Chia network by farming (acting as nodes). You can download the app for different devices from the Chia Network's official downloads page: https://www.chia.net/downloads/.

What Makes XCH Unique？

XCH, introduces a unique innovation in the field of cryptocurrencies with its “proof of space and time” consensus algorithm. This is a departure from the commonly used proof of work or proof of stake models employed by most cryptocurrencies, including Bitcoin and Ethereum.

The proof of space component involves miners leveraging their unused disk space to generate cryptographic numbers and compete to complete ‘blocks’ of transactions on the network. The proof of time component, on the other hand, ensures that block generation happens in a predictable and steady manner.

The distinguishing feature of this model is its potential for better energy efficiency compared to the traditional mining process, which could help address one of the major criticisms of cryptocurrencies - their high environmental impact.

How does XCH Work？

XCH is the native token of the Chia blockchain, a decentralized network secured by farmers who dedicate their unused storage space to creating and storing plot files. When a new block is created, the farmer with the winning plot file is rewarded with XCH. XCH can also be used to pay for transactions on the Chia blockchain. XCH is a fungible token with a number of benefits, including security, utility, scarcity, and divisibility.

Exchanges to Buy XCH

XCH, is available to purchase on a range of cryptocurrency exchanges. Here are 10 exchanges, with information about the supported currency pairs and token pairs.

OKX: OKX is a global cryptocurrency exchange known for its security and reliability. It offers a wide range of cryptocurrencies and trading pairs, including the XCH/USDT pair for Chia trading. See this link for details on how to buy XCH: https://www.okx.com/buy-xch.

• Register an Account: Go to OKX's website and sign up for an account.
• Verify Your Identity: Complete the identity verification process on OKX.
• Deposit Funds: Deposit funds into your OKX account. This can be done via bank transfer, credit/debit card, or cryptocurrency deposit.
• Buy/Sell XCH: Once your account is funded, navigate to the XCH/USDT trading pair on OKX's trading platform. You can place a buy or sell order for XCH based on the current market price.

Gate.io: Gate.io is a user-friendly cryptocurrency exchange that offers a variety of trading pairs. It supports the XCH/USDT and XCH/ETC pairs for Chia trading, providing options for users. See this link for details on how to buy XCH: https://www.gate.io/how-to-buy/chia-xch.

Step 1 - Create an Account on Gate.io

Create an account with Gate.io, or login to your existing Gate.io account.

Step 2 - Complete KYC & Security Verification

Ensure that you have completed KYC and security verification.

Step 3 - Choose your preferred method to buy XCH

You can choose from Spot Trading, Convert, and Bank Transfer.

Step 4 - Purchase successful

Your XCH is in your wallet now. If you havent received your crypto, you may visit the Help Centre or ask reach out to the customer service team by live chat.

KuCoin: KuCoin is a popular cryptocurrency exchange with a strong focus on security and user experience. It supports the XCH/USDT pair, making it easy for users to trade Chia against Tether (USDT).

BingX: BingX is a cryptocurrency exchange that provides a secure platform for trading various cryptocurrencies. It supports the XCH/USDT pair, offering users a convenient way to trade Chia.

MEXC: MEXC is a global cryptocurrency exchange known for its high liquidity and competitive trading fees. It supports the XCH/USDT pair, providing users with a reliable platform for Chia trading.

How to Store XCH？

To store your XCH, you can download the official Chia wallet or other popular community-built wallets.

Chia Native Wallet: The official Chia wallet is available for Windows, Mac, and Linux. It supports features like Chia Asset Tokens (CAT), Non-Fungible Tokens (NFT), and Decentralized Identifiers (DID). It is also open source.

Evergreen: Evergreen is available for iOS and Android. While it does not support CAT, NFT, or DID, it is open source and offers a simple wallet solution.

Frodo: Frodo is available as a web and Android wallet. It supports CAT, NFT, DID, and is open source.

Goby: Goby is a Chrome Extension wallet that supports CAT, NFT, and is open source. It offers a convenient way to manage your Chia.

Green Wallet: Green Wallet is available for Android and supports CAT, NFT. It is open source and offers a secure way to store your Chia.

Is It Safe？

Chia Network uses a novel proof-of-space-and-time consensus mechanism, generally considered secure.

Security of your XCH coins depends on how you store them. Storing XCH in a reputable cold wallet with strong security practices significantly reduces theft risk. Keeping XCH on an exchange or hot wallet introduces some security risks, like exchange hacks or wallet vulnerabilities.

How to Earn XCH coins？

To earn XCH, you can participate in the Chia network's farming process. Once you have created plots, you can start farming by running the Chia software on your computer. The software will continuously check your plots for proofs of space, which are required to earn XCH rewards. When your plots are selected to create a new block on the Chia blockchain, you will earn XCH rewards. The amount of XCH you earn depends on various factors, including the size of your plots and the overall network difficulty.

FAQs

Q: What is the unique feature of the XCH cryptocurrency？

A: XCH is notable for its “proof of space and time” consensus algorithm.

Q: Where can I buy and sell XCH？

A: XCH can be bought and sold on several cryptocurrency exchanges, including OKX, Gate.io, KuCoin, BingX, MEXC, XT.COM, LBank, Hotcoin Global, Deepcoin, and DigiFinex.

Q: How can I earn XCH？

A: You can earn XCH by participating in the Chia network's farming process.

Q: Are there risks associated with investing in XCH？

A: Yes, like any investment, purchasing XCH carries risks, including volatility, the relative newness of the technology, and dependency on internet-connected storage space.